FIRST TENANT FOR DEVELOPMENT SECURITIES AT PEARL ASSURANCE HOUSE –13-Jul-2010
Development Securities have attracted their first new Tenant to Pearl House in Central Nottingham having acquired the property earlier this year.
It has been confirmed that Prospect Training Services have taken a five year lease on the 5th Floor.
The Gloucester based firm has taken the space to service a new contract on behalf of the Office for Standards in Education (OFSTED).
The deal has been completed simultaneous with Dev Sec commencing refurbishment of the vacant accommodation within the office element of the property leaving two floors ready for occupation.
Audrey Wong at Dev Sec confirmed:-
" We are delighted to have secured our first Tenant at Pearl, less than three months after having acquired the building, and in advance of our refurbishment works commencing.
The deal demonstrates the building’s wide ranging appeal and the strength of its central location and will be the spring board from which we can attract further Tenants to the two vacant floors.
The accommodation extends to 3,718ft² and is being marketed by FHP (Nottingham) in conjunction with Lambert Smith Hampton, leaving some further 7,300ft² over two floors available on the market.
The refurbishment works to the building will be modernising the entrance reception and common areas and providing open plan comfort cooled offices”.
John Proctor at FHP confirmed:-
“ When the property was originally marketed some Investors were nervous of the fact that three of the eight floors within the office building were vacant – FHP have been involved in Pearl for the last 15 years and the strength of the central location is not to be underestimated.
It is a little tired at present by virtue of the fact that the refurbishment was last undertaken approximately 16 years ago but the fundamentals of the property are good as it provides excellent natural light, easy accessibility and good car parking in the heart of the Nottingham City Centre.
Dev Sec are undertaking a refurbishment which will provide accommodation which will virtually compare with new space at a far more cost effective rental and this is where we see its place within the market”.
It is expected that the refurbishment works will be completed by September whereupon the full marketing campaign will be implemented.
In the interim period full information on the property is available from either FHP or Lambert Smith Hampton.
